HFC and Cryptocurrency exchanges. Which ones again?


#1

Wondering how it is going with the crypto exchange negotiations?

Which exchanges will carry HFC? Coinbase? Binance?

I am curious because from what I understand no legit crypto exchange will carry a centralized coin. Maybe virwox but they enjoy raping everybody with ultra-high exchange rates and I wouldn’t consider them a legit crypto exchange. They are more like a money changer shop you can find on any street corner in most countries who charge too much to convert fiat, or a paycheck cashing company who preys on the poor. There may be some newer exchanges who will but they could easily be fly by night scams.

Since highfidelity is an American company I would expect HFC to be carried by a legit American exchange with all the proper licenses who can accept fiat and existing cryptocurrencies as payment. AFAIK this does not exist yet aside from coinbase and gemini. There was atlas and cryptsy but both failed. Maybe Gemini (the Winklevoss’s exchange) would be interested? The ideal situation would be to have it on coinbase, but frankly I don’t see that happening.

Technically HFC is not a cryptocurrency, but an asset token. Let’s start calling it what it is. No shame in that.


#2

Last I recall from a few weeks back when @Philip was demoing the Wallet thing, he was discussing it being a token, to what I now understand to be ETH20 token, as Ethereum, Contracts and other words were mentioned during the meeting. But IRCC, HFC wont hit the exchanges until they finish up sending HFC, and adding other types of items to HFC list in the marketplace / get the certification system working on other marketplace items, than just objects (Scripts / Shaders, among others are still missing). So I doubt we will see any entry into any exchanges until Q3 or Q4 probably.

Other Details were then discussed, but it was again a number of weeks ago, and unfortunately it was sorta lost to memory after I sorta broke things and demoed a few critical issues with the wallet, which since have been fixed (namely, triggering a send request prompt on every wallet that was unlocked / opening wallets to password prompt / causing crashes on some).

This, again was when they launched the commerce system, which was a while ago. they did say more details will be available later on their blog, If I recall correctly, and perhaps they will after they start warming up from the vacation days and the year has changed.

But now that I have somewhat deep-dived into the Cryptocurrency market after the dip of december, I have a few questions I’d like to ask regarding the 1-to-1 ratio that they will attempt to do (with 100 HFC = 1 us), and even if it is doable at all when even ETHereum jumps up and down by 4-5% per day (and in the past 7 days going up nearly 30%, an other possible correction comming up before or after the weekend.)


#3

Strange they would choose to make it an ERC20 token if they are concerned about volatility.


#4

Granted, not sure if they actually chose that, but they said the words, but no official blog post has been done. So I guess its “up in air”, but again thats just my guess (dont take that as their word :slight_smile: )


#5

This would further limit the exchanges that would be willing to deal with HFC. Not only would they have to be willing to exchange a ERC20 token but they would have to exchange it for fiat as well as deal with a unlimited supply.

Setting up a BTC asset marketplace to compete with them is starting to sound better and better.

Also I am starting to think HiFi should just get their own money changer and crypto licenses (one for each state in the USA) and do it themselves.


#6

If I understand correctly, the ‘value’ of erc20 tokens can be determined and managed by the issuer. The token price is not really connected to the value of ETH…


#7
  • A couple of the big exchanges are waiting and will connect us as soon as we are ready. Generally speaking, the exchanges prefer ERC20 tokens over connecting to full nodes because it is less work for them. Running a full node is harder and the software is still brittle. This is one of the reasons why we are working to connect to Ethereum - to provide the greatest number of exchanges for liquidity.

  • Our next important milestone is direct payments, which will enable both exchange transactions and service transactions (such as tip jars for performers).

  • The price of HFC against the dollar can be managed by adjusting the amount of money/tokens in circulation, which in the case of a blockchain can be done algorithmically. There are several different proposals for how best to do this, we are reviewing them.


#8

Can’t say who?

That’s good to hear!


#9

…When binance?